Mikhail Bakunenko aims to regain control of Ukrnaftoburennya

The name of Mikhail Bakunenko made headlines in April last year thanks to the Ukrainian Pravda investigation "Courchevel Battalion". At the time, he was filmed at an elite resort refuelling his Rolls-Royce with Ukrainian number plates (KA 5281 NR). This marked the beginning of public attention to his figure, of whom few had known before.

Journalists pointed to possible schemes by Bakunenko at the company "Ukrnaftoburennya". His actions were linked to the transfer of funds abroad and, possibly, to subversive activities against Ukraine. However, a year and a half later, there are no mentions of investigations against him in court registries. Instead, Bakunenko's name has surfaced in a completely different context – corporate disputes.

Court battles for the chairmanship of "Ukrnaftoburennya"

The company Ares Systems Ltd, which owns 22.5% of "Ukrnaftoburennya" shares, filed a lawsuit demanding the cancellation of Bakunenko's dismissal from the post of chairman of the company's board. Moreover, the lawsuit included a demand to hold a shareholders' meeting to restore him to the management.

On 10 October, the Kyiv Commercial Court rejected this lawsuit. However, the deadline for filing an appeal has not yet expired, and experts are confident that the battle will continue. Given the reputation of the Ukrainian judicial system, predicting the outcome of this story is extremely difficult.

A long trail of accusations

A year and a half ago, Bakunenko was accused of participating in a scheme to privatise the Sakhalinsk oil and gas field (Kharkiv region). The gas reserves of this field are estimated at 15 billion cubic metres. Ultimately, the asset came under the control of Pavlo Fux, who is linked to Russian criminal circles.

It is believed that the field passed into private hands through the company "East Europe Petroleum", which was linked to former Energy Minister Eduard Stavytskyi. Later, "Ukrnaftoburennya" participated in the development of the field, whose shareholders included such prominent figures as Ihor Kolomoyskyi and Vitaliy Khomutynnyk.

Active public activity

After the release of the investigation, Bakunenko unexpectedly began positioning himself as an expert on international issues. He published an article on the problem of antisemitism, in which he also subjected Ukraine to harsh criticism. This provoked a negative reaction, especially in the Jewish community, of which he is a representative.

Later, he switched to criticising ARMA and the current management of "Ukrnaftoburennya". His public statements were accompanied by active legal actions by the company's shareholders.

What next?

It remains unclear how this story will end. However, there is a high probability that Bakunenko will once again be at the helm of "Ukrnaftoburennya", and the company will be returned from ARMA's management. It is also possible that it will be compensated for the losses, which Bakunenko has repeatedly mentioned in his speeches.